It’s official: Apple buys Beats for $3 billion

The Cupertino company will pay $2.6 billion in cash and $400 million in equity, the Journal reports.

The Santa Monica-based Beats, founded by rapper Dr. Dre and record producer Jimmy Iovine, makes the ubiquitous Beats by Dre headphones. The six-year-old company released a subscription music-streaming service called Beats Music in January.